- March 15, 2022
- Posted by: admin
- Category: Current News
The existence of large natural resources deposits in a number of MEFMI member countries provides opportunities for the countries to achieve their socio-economic objectives. In some of these countries, natural resources account for a significant share of government revenue. Other countries are expected to start recording increased revenues following the discovery of oil and gas reserves during the past decade. However, natural resources discoveries come with risks in addition to the opportunities they present.
The volatility, uncertainty, and exhaustibility of natural resources poses a challenge for the design of appropriate policy frameworks for the management of their economic proceeds. The lack of strong fiscal frameworks and Public Financial Management (PFM) systems to efficiently and transparently manage the revenue realised from the natural resources can potentially result in lost opportunities to achieve sustained broad-based economic growth and development.
Against this background, MEFMI conducted a seminar from 14 to 17 February 2022, to assist officials in the region to strengthen fiscal frameworks and PFM systems for managing natural resources wealth. The seminar focused on the broader policy issues, key principles and good practices to enhance transparency and accountability in the management of natural resource wealth. The knowledge gained from this seminar is expected to be used to enhance the availability of appropriate fiscal regimes, as well as PFM legal and regulatory frameworks in member countries, thus contributing to sound fiscal policy management.
The seminar was attended by 29 participants from nine (9) MEFMI member countries. Of the 29 participants, 16 (55 percent) were male while 13 (45 percent) were female. The facilitators were Professor Antonio Franco, a Public Finance Management Expert from Mozambique, Mr. Moses Kabanda, Acting Deputy Head Macroeconomic Policy, Ministry of Finance – Uganda, and Mr. Tapiwa Gumbo, a MEFMI Graduate Fellow in Natural Resources Management.